IVD RAW MATERIALS MARKET ANALYSIS

Market Challenges And Opportunities

Global IVD Raw Materials Market Drivers:

High prevalence of chronic diseases across the world is expected to augment the growth of the global IVD raw materials market during the forecast period. Chronic diseases are the leading causes of disability and death among the elderly population worldwide. According to the World Health Organization (WHO), noncommunicable diseases (NCDs) kill 41 million people each year, equivalent to 71% of all deaths globally. Cardiovascular diseases account for most NCD deaths (17.9 million), followed by cancers (9.3 million), and diabetes (1.5 million). Over 77% of all NCD deaths are in low- and middle-income countries.

Technological advancements in IVD raw materials is expected to boost the growth of the global IVD raw materials market during the forecast period. For instance, in October 2021, ELITech Group announces the launch of ELITe BeGenius, the new CE-IVD stand-alone Sample – to – Result; Real Time PCR solution. ELITe BeGenius makes molecular biology accessible thanks to its compact footprint, exceptional ease-of-use, and total automation. It is a solution for labs keen on improving daily efficiencies and for labs looking to bring more testing in house.

Global IVD Raw Materials Market Restraints:

Stringent regulations regarding product approvals are expected to hamper growth of the global IVD raw materials market. IVD devices are the most highly regulated products manufactured and marketed in the world. In the European Union (EU), requirements for device safety and performance are laid out in sector-specific legislation that includes medical devices and in vitro diagnostic directives. In Vitro Medical Devices Regulation (EU) 2017/746 (IVDR) will replace the EU’s current directive on IVD medical devices.

Lower penetration of IVD devices in low-income and middle-income countries is expected to hinder growth of the global IVD raw materials market. For instance, IVD is essential for disease detection, control, and management. However, access to quality-assured diagnosis has emerged as a major challenge in low- and middle-income countries, resulting in delayed or inaccurate diagnosis and ineffective treatment, which impacts patient safety.

Global IVD Raw Materials Market Opportunities:

Increasing awareness and acceptance of personalized medicine is expected to offer significant growth opportunities for players in the global IVD raw materials market. For instance, the term precision medicine refers to the tailoring of diagnostics or therapeutics to individual patients based on their unique genetic and physiologic characteristics. The trend toward personalized medicine is driving demand for diagnostics. IVD can be used in precision medicine to identify patients who are likely to benefit from specific treatments or therapies.

Increase in the use of point-of-care (POC) diagnostics is expected to provide significant growth opportunities for players in the global IVD raw materials market. The market is being driven by increased demand for quick diagnostic tests, which has prompted industry players to deliver POC solutions to decentralized regions. In May 2020, FDA approved Abbott’s ID NOW, the molecular POC test, which provides COVID-19 findings in just 13 minutes and is usable in a variety of decentralized healthcare settings such as doctors offices and urgent care clinics.